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Wednesday, April 27, 2011     FOR YOUR EYES ONLY

Saudis, Kuwait launch joint oil venture

ABU DHABI — Kuwait and Saudi Arabia have launched a project to develop shared crude oil fields.

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The two Gulf Cooperation Council states have formed a joint venture for the development of offshore and onshore oil fields along their border. The joint venture, Al Khafji Joint Operations, has already called for bids for construction at one of the shared fields at Hout.

Under the tender, construction firms must submit bids to develop Hout by June 6.

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The project called for offshore gas, pipeline and related facilities in an effort to recover associated natural gas from Hout.

Al Khafji has been a joint venture of Saudi Aramco and Kuwait Gulf Oil. The two companies also share the fields at Dora, Khafji and Lulu, located in the so-called neutral zone along the frontier between Kuwait and Saudi Arabia.

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